Lotus is poised to return to F1, backed by a consortium led by the Malaysian government.
The team would takeover BMW Sauber, and be backed by Malaysian oil giant Petronas and Lotus, which is owned by Malaysia's national car maker Proton.
The push for the return of the Lotus name in F1 could also be boosted by the arrival of former Ferrari brand guru Dany Bahar as the company's new CEO, although it is believed his appointment at the current time is coincidental and not linked to the F1 plans.
Lotus's ambitions are being spearheaded by respected technical chief Mike Gascoyne, formerly of Renault and Toyota, whose original Lotus team linked with the Litespeed operation were widely talked about earlier this year.
Malaysia's Sports Minister Datuk Ahmad Shabery Cheek refused to deny talk that the government is looking at its involvement in the team when speaking to local media.
"Nothing has been finalised and there's nothing to comment," he told the Malay Mail. "I'm not confirming, neither am I saying otherwise."
Shabery also refused to deny that an announcement about the team's plans was scheduled to be made after the Singapore Grand Prix later this month by Malaysian Prime Minister Datuk Seri Najib Razak.
He said: "Let's wait for the PM to make the announcement. Who knows what will happen after the Singapore GP."
The FIA is currently evaluating the entries for the 13th team in F1, with an announcement expected in the next few weeks.